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HR 5056 United States House · 118th Congress

Fostering Innovation and Research to Strengthen Tomorrow Act

Summary
Fostering Innovation and Research to Strengthen Tomorrow Act This bill doubles the rate of the tax credit for increasing research expenses and the alternative simplified research tax credit. It also increases the credit rate for taxpayers with no research expenses during a specified three-year period and the amount of the credit that certain small businesses may apply against payroll tax liabilities.
Issues: ✓ Budget & TaxesSupports Budget & TaxesDoubles tax credits for research expenses and increases credits for small businesses, providing direct tax relief and incentivizing R&D spending.95% confidence ✓ TechnologySupports TechnologyBill provides tax credits for research expenses, incentivizing innovation which directly supports technology advancement. Title explicitly references 'Fostering Innovation'.75% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Jul 2023
Committee Review
Floor Vote
President
Introduced Jul 27, 2023 Last action Jul 27, 2023
Floor votes

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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Jul 27, 2023
Committee
Referred to the House Committee on Ways and Means.
lower
Jul 27, 2023
Introduced
Introduced in House
lower
1 primary · 3 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Claudia Tenney
Claudia Tenney
RRepublican
NY
24
Co
Photo of Carol D. Miller
Carol D. Miller
RRepublican
WV
1
Co
Photo of Randy Feenstra
Randy Feenstra
RRepublican
IA
4
Co
Photo of Vern Buchanan
Vern Buchanan
RRepublican
FL
16